ICE Interest Rates report
September 2025
Gain the latest trends and insights with our monthly newsletter on ICE's rates market.
Interest Rate derivatives
The largest marketplace for U.K. and European interest rates futures and options including 3M Euribor, 3M ESTR, ECB Dated ESTR, 3M SONIA, MPC Dated SONIA, Long Gilts, Medium Gilts, Long EU Bond and SARON Futures.
Euribor Futures and Options
SONIA Futures and Options
SARON Futures
Long Gilt Futures and Options
ESTR Futures and Options
September highlights
Euribor Options
- Highest Open Interest (OI) since December 2022 - at 15,283,799 (11th September)
3M ESTR Futures
- Record Open Interest (OI) at 1,776,279 ( 19th September)
- Record volume day at 544,488 (5th September)
- Record volume month at 6,248,916
ECB Dated Futures
- Record volume month at 369,544
- Record Open Interest (OI) at 10,914 (29th September)
SONIA Futures
- Record Open Interest (OI) at 3,458,185 (16th September)
SARON Futures
- Record Open Interest (OI) at 428,966 (15th September)
Products in focus
ECB Dated ESTR Futures
- ECB Dated ESTR Futures is a cash settled future based on the interest rate accrued over an ECB Reserve Maintenance Period
- Sits alongside our existing, liquid 3 - month ESTR contract and offers significant margin offsets
- Cash settled
MPC Dated SONIA Futures
- Get direct exposure to the Bank of England’s rate decisions via our latest STIR innovation
- Futures dates mirror the exact MPC rate setting dates
- Sits alongside our existing, liquid 3-month SONIA contract and offers significant margin offsets
- Cash settled
- Launched February 24
Medium Gilt Futures
- ICE Medium Gilt Futures contract is a future deliverable into eligible UK government debt securities with maturities of 4 years to 6 years & 3 months and an original term to maturity of 11 years or less
- Functionality to execute Medium Gilt futures vs Long Gilt futures as a one line spread via the inter-commodity spread (ICS). Trades in a 2:1 ratio
- Trades alongside Long Gilt Futures & Options and Ultra Long Gilt Futures
Long EU Bond Index Futures Contract
- A unique approach to EU bonds with a cash settled future
- Get exposure to EU bonds with the listed derivative advantages of screen transparency, liquidity and margining
- Based on an index from ICE Data Indices (IDI) who offer approx. 6,000 indices tracking more than €100trn in debt
- The last trade date aligns with the benchmark Euro area govt bond futures
- Historical volatility of the index is similar to that of the other benchmark European bond futures